Lululemon ends proxy fight with 1.8 billion cash reserve
Lululemon ended a proxy fight with founder Chip Wilson. Incoming CEO Heidi O’Neill will use a 1.8 billion dollar cash reserve to fund a brand turnaround.
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LULULEMON ATHLETICA INC ended a months-long proxy fight with founder Chip Wilson on Wednesday afternoon following a 60% share price drop over the past year. The truce allows incoming CEO Heidi O’Neill to deploy a $1.8 billion cash reserve to counter rising competition. Investors are weighing whether this capital can reverse narrowing margins and regain market share from newer athleisure rivals.
